VTB and Mail.ru Group team up: bank’s clients get access to PayDay salary management service

VTB clients with a salary contract will now get access to PayDay from Mail.ru Group - this service offers flexible options when it comes to their compensation. For instance, the service allows the employee to see how much they have earned this far and wire their earnings to their card without waiting for the actual pay day.

PayDay allows the employer to wire an advance payment on the currently earned compensation for the time the employee has worked since their latest payment. At the same time the company stays true to its standard procedures of salary payments and works in line with the respective laws. The employer can set a cap on the percentage that an employee can request as advance payment.

For every transaction PayDay charges the employee a fixed commission regardless of the sum. However, the first salary clients to sign up will receive a special offer: they can withdraw money via PayDay twice per month commission-free for the first 18 months.

'VTB is one of the market leaders when it comes to salary services, and this is why it is especially important for us to maintain a personalized approach to our clients and cater to their needs. More than 7 million people today have their work compensation wired to our bank. Having the ability to have your compensation wired to you when you need it is a convenient option for household budget planning. We believe the service will be especially useful for workers with flexible hours, like teachers, constructions workers, hospitality and catering employees, and many others. We have currently implemented the first part of this project, and by the end of this year we will scale it to a broader range of our bank's salary clients,' said Garif Romashkin, Head of Salary Projects at VTB.

'We are seeing increasing demand from companies and employees alike. I am confident that PayDay will make the bank's salary projects more appealing to clients. Partnering up with VTB is an important step for our development, opening up new doors for future growth,' said Sergey Molchanov, PayDay founder and Head of Development and Integration at Mail.ru Group.

About VTB Bank

VTB Bank and its subsidiaries (VTB Group) is an international financial group offering a wide range of financial and banking services across Russia, the CIS, Western Europe, Asia, and Africa. VTB offers its services in full across its broad regional network. Its subsidiaries offer leasing, factoring and other financial services. VTB Group's international network includes some 20+ banks and financial organizations across 20+ countries.

As of March 31, 2021 VTB Group is Russia's second-largest financial group in terms of assets (18.6 trillion rubles) and client funds (13.7 trillion rubles). The Group's main shareholder is the Russian government, owning 60.9% of voting shares. You can find more information here: www.vtb.ru

About PayDay

PayDay from Mail.ru Group is a first-in-class service is Russia, introducing a new approach to managing salary payments. Lying on the seam of HR and financial technologies, PayDay provides employers with a competitive advantage while empowering employees with the ability to manage their pay and receive what they have earned at a convenient time just by using a free mobile app. The employee can transfer up to 80% of their earned compensation to the account of their choice for a fixed commission regardless of the sum. The service is at no cost to employers.